“Like many other businesses in the leisure and casual dining industries, the impact of the Covid-19 pandemic on Byron has been profound,” said Will Wright, one of the directors. “After exploring a number of options to protect the future of the business… this transaction ensures that Byron will continue to be present on our high streets.”
Calveton said Byron was a “pioneering brand much loved by customers” and has a future. Sandeep Vyas of Calveton, who will chair the company, said: “We support Byron because we believe he has great opportunities ahead of him and is well positioned to adapt to the new consumer environment and trends. culinary.
The closures come amid a shake up in the casual dining industry that has already resulted in thousands of job losses and hundreds of restaurant closings. Before the pandemic, restaurants suffered from stiff competition, rising costs and slowing customer interest, but having to shut down for several months put their finances to the test and strained. -of the.
A wave of restaurant closures was announced in July. More recently, the owner of pizza chains Ask Italian and Zizzi said he was closing 75 restaurants, while Pizza Express planned to close a similar number as part of its bailout. Casual Dining Group, owner of Bella Italia, Café Rouge and Las Iguanas, has also closed 91 stores.
Bryon, founded by Tom Byng in 2007, has a checkered financial history. Two years ago, she used a restructuring process known as a Corporate Voluntary Arrangement (CVA) to lower her rent bill and shut down 20 sites, but this turnaround plan was not enough to revive his fortune.
Another sign of the financial difficulties facing restaurateurs, the sushi chain Itsu announced on Friday its intention to use a CVA to close two sites and reduce rents at 53 of its 77 outlets.
Itsu said the combination of “zero commerce and continued social distancing” is expected to put his finances at risk both this year and into 2021.
The group, led by Julian Metcalfe, co-founder of Pret a Manger, said it will try to protect as many jobs as possible and do not anticipate large-scale layoffs among its workforce of 1,115.